RIYADH: Various investment opportunities in King Abdullah Economic City (KAEC) were made known to more than 500 businessmen and corporate leaders who attended a forum held in Riyadh.

The Investment Forum for KAEC was aimed to encourage the participants invest through a variety of partnerships in the industrial, commercial and real estate sectors of the new city. Senior government officials keen on building partnerships with the private sector were also present.

Abdullatif Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA) and CEO of the Economic Cities Authority, opened the forum.

The forum was held as part of the new city’s efforts to offer the most promising investment opportunities with a view to attracting more of the local capital.

Fahd Al-Rasheed, group CEO and managing director of KAEC, said: “The land currently under development covers 45 cubic kilometers, including the industrial valley, King Abdullah Port and Hijaz line, in addition to the residential sites and neighborhoods.” The total area targeted by development projects within the city will reach 70 square kilometers by 2020, with a projected population growth of 50,000.

Referring to funding sources for supporting the city projects, he said they amounted to more than SR25.5 billion, with a rise in annual growth and net income ratios.

On the sidelines of the forum, Emaar the Economic City (EEC) signed an agreement with the Alhokair Group to develop a four-star hotel at KAEC with an investment of SR100 million, including the value of the 10,323 sqm project land.

The agreement was signed by the CEO and managing director of KAEC and the chairman of Abdulmohsen Al Hokair Group for Tourism and Development Company. It includes the establishment of a private company for the project with EEC’s 40 percent and Al Hokair Group’s 60 percent capital.

Moreover, the EEC signed an agreement with Project Management & Development Company (PMD), represented by its Chairman Saleh Bin Laden, to develop a residential complex containing 288 housing units at KAEC with an investment of SR 250 million, including the cost of the land.

The agreement includes the establishment of a private company for the project with EEC’s 20 percent and PMD’s 80 percent capital.

Another agreement was also signed with Al-Khozama Management Company (AKMC) to operate Views Hotel.

During the forum, Al-Rasheed announced the establishment of The Address Hotel, hosted by Emaar Properties Group, to be the first hotel in the KAEC.

KAEC is one of the main economic cities in the Kingdom, which serves as an example of successful partnership between the public and private sectors.